Great Foreclosure Ebook Plus 4 Terms to Know When Searching Out Foreclosures in Northwest Arkansas
Posted by Ben Roberts on December 8th, 2009
Based on current trends in our client searches on our websites as well as the massive success of NWAforeclosurelist.com, it seems pretty obvious that one of the main things buyers are searching for is foreclosed or distressed properties. If you are one of those people (and if you found this article, you are) searching for foreclosed properties in Northwest Arkansas, here’s 4 Terms that will be invaluable in your quest to get a good deal…
Corporate Addendums…
You’ll often see these two words on a listing sheet somewhere. This means the property is owned by some form of corporate entity whether it be a bank, fannie mae, hud, or some other corporation. These two words should me a couple of things to you…
- It’s probably a Good deal. Yes, most properties that are listed and owned by a corporation tend to be under market value. I said MOST. Be careful.
- It’s probably going to be a hassle. Just prepare yourself for this eventuality and it won’t stress you out nearly as much. Corporations like to use their own documents, their own timetable, and their own way of doing things. This leads us to our next term…
REO
Those three letters stand for Real Estate Owned and to a buyer, they basically mean the same thing as Corporate Addendums. REO’s are not foreclosures even though people use the terms interchangeably. An REO can only exist after a home has been foreclosed on and taken back by the bank. REO properties are generally priced at or below market value. If you have a good Realtor keeping an eye on new listings that pop up you can snag the great deals as soon as they hit the table.
Foreclosure
A foreclosure, more specifically, a foreclosure sale, is when a bank attempts to sell a property to cover the outstanding balance on the mortgage plus expenses and attorney fees. Most properties that are foreclosed on are worth less than the note that is on the property (under water), so foreclosure sales are generally less successful than a typical REO sale. Investors tend toward foreclosure sales because they will usually allow the previous owners to become the new renters, thereby getting a good start in cash flow for the rental property.
Underwater
This is the term used when someone owes more on the property than it could currently be sold for on the open market. This happens when people take out high loan/value ratio loans on properties, then values fall, resulting in more being owned on a property than it’s worth.
There was a recent study done that showed (as of the end of June 2009) that 24% of owner-occupied homes had mortgage debt that exceeded their value according to Economy.com.
There are many other terms and things to understand about Foreclosures, REOs, and other forms of distressed properties. This article barely scratches the surface.
If you are a serious buyer and want a great 60 page e-book all about buying foreclosures… Give us your email address below and we’ll give you a free copy. Thanks for reading.
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EXIT Pro Realty Launches NWAforeclosurelist.com – Did You Get Your List?
Posted by Ben Roberts on December 2nd, 2009
We at EXIT Pro try to keep our fingers on the pulse of what people want. You want a great, no hassle website where you can find real estate info… got it. You want to connect easily and transparently with your real estate company… check. Now you’ve asked for something else… a simple, no hassle list of the hottest properties available in Northwest Arkansas… done. Check out NWAforeclosurelist.com and get your free custom list today.
There’s not much to it. Enter your info and the zip code you want properties from and you’ll get it within 8 business hours… a custom foreclosure and short sale list of the hottest deals in Northwest Arkansas. No strings attached.
We’re offering this service for two simple reasons:
- To connect buyers to great properties
- To have those buyers contact us when they need more information, to schedule a showing, or to write a contract.
That’s it. Head on over and get your list now.
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Short Sales in Northwest Arkansas… What Buyers Need to Know
Posted by Ben Roberts on August 4th, 2009
While our area has been fortunate enough not to see the extreme level of foreclosures, short sales, and distressed properties as some other areas of the country, we still have our fair share. It seems everyone is out for a bargain and that’s never more true than when you take on a short sale. Here’s the skinny on what you need to know about short-sale purchases in Northwest Arkansas… Read the rest of this entry »
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